JP Markets Review – Learn More About JPMarkets.Co.Za
JP Markets is a reliable and well-established broker from South Africa operating globally. It has been in business since 2016, focusing on nurturing long-standing relationships with its traders.
That is delivered thanks to excellent customer support, high-quality education, and favorable trading conditions and resources.
These inspire trust in investors worldwide to trade with JP Markets brokers. Please continue reading our JP Markets broker review to learn about this forex provider.
JP Markets Pros and Cons
The advantage of JPMarkets is its transparency and customer-oriented approach. So, clients know what to expect from this brokerage with no ambiguity.
Its business practice puts traders first by educating them to become more successful and equipping them with all they need for profitable trading, such as a demo account option, outstanding terms of exchange, and social trading. Overall, you won’t mistake if you opt for this FX broker.
|Regulation||FSCA (a successor of FSB)|
|Instruments||Forex, stocks, indices, commodities, and crypto|
|Base Currencies||ZAR, USD, GBP|
|Minimum Deposit||0 USD|
|EUR/USD Spread||2 pips|
|Education||Trading workshop, how-to documents, glossary, economic calendar|
JP Markets Awards
Aside from JP Markets’ advantages, the other thing this broker can be proud of is its numerous awards affirming its service quality and credibility, such as
- The Most Transparent Broker by the European,
- South Africa’s Best Broker,
- South Africa’s Fastest Growing Broker, and
- Forex CEO of the Year South Africa.
These accolades just contribute to the fact that trading with JPMarkets is the right choice.
How Safe is JP Markets? Regulation and Security
When looking for a brokerage service, it is important to consider two things: license and jurisdiction. Since forex trading is a heavily regulated industry, it is not possible to operate legally without being authorized by a respective financial market regulator.
Speaking of that, JP Markets (JP Markets SA PTY Ltd) is a registered Financial Services Provider (FSP) with FSCA (Financial Sector Conduct Authority) in South Africa (FSP number 46855). Put differently, your funds are safe when investing with JPMarkets.
All licensed brokerage businesses must comply with stringent legislation, adhere to a strict code of conduct, and meet challenging licensing requirements. Before being certified, brokers must have and maintain enough working capital to ensure business sustainability.
They also need to implement risk management mechanisms such as negative balance protection (a trader can’t lose more than initially deposited) and segregated accounts (your funds are kept separate from a broker’s capital) to minimize trading risk.
Although online trading is risky, a legal brokerage must do everything to avoid exploiting traders by using unethical business practices, deception, and vagueness. When it comes to JP Markets, it is obvious that this company works towards that goal, which makes trading with them smooth sailing.
JP Markets Account Types
When setting up a live trading account with JP Markets, you can choose between ECN or STP Accounts. The former stands for Electronic Communication Network (ECN), an account with the commission charged per transaction and is preferred by professional traders seeking optimum trading conditions.
The latter refers to Straight-Through Processing (STP), an account with electronic transfers (no manual interference needed) that is charged on spreads. You can also select from ZAR, USD, and GBP-based accounts.
Starting trading with JPMarkets requires the completion of the three following steps:
- Leaving your details (proof of ID and address) by filling in the sign-up form;
- Account verification by clicking on the confirming link in an email;
- Depositing the funds that depend on clients (JP Markets hasn’t set the minimum required deposit, but it recommends 3,000 ZAR/170 USD).
Last but not least, traders have options to open a practice account, i.e., a demo account that gives them the possibility to test platforms, conditions, and strategies, and experience actual trading for free and without risks.
JP Markets Fees
According to the broker’s website, traders don’t have to pay any expenses for services other than investments. Concerning trading commissions, the Broker charges 10 USD per lot on its ECN and STP accounts, which some consider high when compared to the competition.
However, the broker levies lower rates on VIP accounts. Also, there are inactivity penalties and overnight fees (aka swap fees); whilst, there aren’t any deposit and withdrawal costs.
JP Markets Offers Bonuses and Promotions
Although bonuses and promotions are banned in the EU and UK due to misuse, they are still allowed within the African continent and some other places. Since JP Markets are South African-based broker, it provides bonuses, such as a 200% deposit bonus on all deposits up to R280,000 (something over 15,000 USD).
Also, a current promotion with this broker is a JP Markets Mastercard for its account holders, which requires a minimum of R5,000 account funds to be eligible. However, this option will suit South African citizens since the card can be used only in this country.
Another active promotion offered by this company is an interest benefit option in which traders can earn interest on the balance in their accounts (the base rate is circa 7.2% yearly, and it is allotted weekly).
Trading Instruments Offered by JP Markets
JP Markets try to meet and exceed each and every customer’s expectations by offering forex and CFDs across global markets, including trading assets such as follows:
- Main, minor, and exotic currency pairs (e.g., EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD);
- Stocks on notable global corporations (e.g., Apple, Tesla, Microsoft, Amazon, Boing);
- Indices, like NASDAQ 100, S&P 500, FTSE 100, DAX 40, and DJIA;
- Commodities, such as gold, silver, crude oil, natural gas, and wheat;
- Cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Zcash (ZEC), and Ethereum (ETH).
JP Markets Deposits and Withdrawals Methods Available
Regarding depositing and withdrawing, JP Markets offers several funding methods. Namely, it supports several payment gateways, including credit/debit cards (VISA, Mastercard), bank-to-bank transfers, cryptocurrencies (Bitcoin, but only via Skrill), and e-wallets (Neteller, Skrill, and EazzyPay, to name a few).
As already mentioned, this broker doesn’t levy any deposit or withdrawal fees. However, costs may be imposed by your bank or payment provider.
JP Markets hasn’t set a minimum required deposit and has left it to the clients to decide, but it recommends starting trading with a minimum of 3,000 ZAR (170 USD) amount. In addition, deposits are allocated instantly.
As for withdrawals, this brokerage handles withdrawing requests pretty fast, but they are processed from Monday to Friday. Upon requesting payoffs, the company representative will call you to confirm it due to security reasons. After your bank account and identity are verified, your funds are paid to your bank within 4 hrs.
Trading Platforms at JP Markets
With reference to trading software, the most important tool for every trader, JP Markets offers trading programs accessible on all three major platforms—internet browsers, mobile applications, and desktops/laptops—to satisfy each customer. Each version slightly differs, but generally, all provide a quality experience. Their features are outlined below.
For those who prefer web trading, JP Markets offers MetaTrader4 (MT4), which is considered one of the best trading platforms out there due to its reliability, quality, and ease of use. This browser-based version of popular software is accessible on different devices (e.g., PCs, tablets, and cell phones) and comes with advanced trading tools such as analytics, calendars, and automated trading.
For traders who enjoy trading on their smartphones, Broker has created a proprietary mobile trading platform, JPM Mobile APP.
The branded trading application enables trading on the go and includes everything you need for trading, which is very convenient for those who are busy and traveling.
You can also download MetaTrader4 on your PC and enjoy social trading (aka copy trading) on your preferred desktop platform, allowing you to copy the most successful traders and make profits out of it. It is ideal for less experienced traders.
The only drawback of this broker is a lack of MT5 (enhanced version and successor of MT4), which many reputable forex brokers offer nowadays.
JP Markets Educational Tools
Concerning learning tools, it is also another stronger point of JP Markets. As the company acknowledges, a prosperous trader is an educated trader.
Thus, the broker offers many educational resources, such as expert advice, online trading courses, study literature, market analysis, and financial news to equip every trader with the required knowledge for thriving trading.
If there is something that distinguishes this broker, it is its first-class customer service. The broker renders customer support through several communication channels, including online live chat, telephone helpline, WhatsApp, and email.
On top of that, the company webpage contains a very informative and comprehensive FAQ section. Most importantly, customer technical service comprises friendly, patient, and resourceful agents who can assist and resolve troubles with logging, account, trading, and others.
JP Markets Overall Summary
To conclude our review, it is recommended for traders looking for funds security since this broker is being monitored by a third-party auditor to ensure compliance. JP Markets minimum deposit is tailored to your needs, viz, you set the amount you invest, which is ideal for those wanting to trade on a budget. Besides, the company offers 1:500 leverage, bonuses, and promotions to help you increase returns. All things considered, JP Markets will suit both starters and advanced traders.
FAQs About JP Markets Broker
What Account Types are Offered at JP Markets?
JP Markets offers two types of accounts, ECN (commission charged, zero spreads) and STP (charged on spreads).
Is JP Markets Broker Good for Beginners?
JP Markets is good both for newbies and experienced traders. Beginners will appreciate lots of educational materials and a demo account option available.
What Is JP Markets Minimum Deposit?
JP Markets doesn’t require any minimum deposit; it is up to traders. However, the broker recommends a minimum of 3,000 ZAR for starting trading.
Does JP Markets Charge Fees?
JP Markets doesn’t levy deposit and withdrawal fees. It charges non-trading penalties, swap fees, and a 10 USD commission per lot for trading.
How Long Does it Take to Withdraw Money From JP Markets?
JP Markets processes withdrawal requests immediately. After meeting withdrawal terms, the money is paid to your bank account within 4 hours.